This Week’s NY Deal Sheet
Another week, another mediocre sales turnout. This past week was a particularly poor showing, with only one deal topping $50M. Like before, however, leases and loans were there to pick up the slack.
TOP LEASES
NYC-based tech company DoubleVerify has signed a five-year, 32k SF lease for the fourth floor of One SoHo Square at 223 Spring St. DoubleVerify, which will be relocating its global HQ from Midtown Manhattan later this year, was repped by TOWN Residential's Jonah Katz and Lori Shabtai. Stellar Management, the NYC investment firm that owns and is developing the site. was repped by NGKF's Brian Waterman, Andrew Peretz, David Malawer, Brent Ozarowski and Courtney Adham.
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The Lupus Research Alliance signed a 10-year, 14k SF lease for the entire 10th floor at the 43-story, 329k SF 275 Madison Ave in Manhattan. The largest private sector organization dedicated to supporting and funding biomedical research was repped by Avison Young's Susan Kahaner and Jennifer Ogden, while the ownership, RFR Realty, was repped by JLL EVP Oliver Katcher.
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Viant has signed an 18k SF lease for the 11th floor of the 12-story, 204k SF office tower at 151 West 26th St in Midtown South. CBRE's Fred Fackelmayer and Michael Hirsch repped the tenant, while Koeppel Rosen LLC head of leasing John Goodkind repped the landlord, the Rosen family.
The New York City Department of Health and Mental Hygiene has signed a 60k SF sublease for the 20th and 24th floors of the 50-story One Court Square (pictured), otherwise known as the Citigroup Building, in Long Island City. Cushman & Wakefield executive managing director Robert Giglio and JRT managing director Ellen Israel repped the Department of Citywide Administrative Services, which oversees the DOHMH's leasing, while Citigroup, the sublessor, was repped in-house.
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Kimball Office and CMG Clique Media Group signed a 10-year, 10k SF lease and a five-year, 12k SF lease, respectively, at the 300k SF East 18th St in Manhattan. SL Green's Howard Tenenbaum and Gary Rosen repped the landlord in-house on both transactions, while Cushman & Wakefield's David Rosenbloom and Sebastian Infante repped Kimball, and Brown Harris Stevens Commercial Services' Joel Burris repped CMG Clique Media.
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The Trustees of Columbia University in the City of New York have signed a 12k lease expansion at 880 Third Ave. Now covering 24k SF, Columbia have both the second and third floors. Jack Resnick & Sons' Fran Delgorio and Dennis Brady repped the building owner in-house, while the tenant was repped by Columbia’s in-house real estate team. According to Delgorio, only one 12k SF floor remains available.
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Media and tech company IAC signed an 8k SF lease at the third and fourth floors at Vanbarton Group’s Zipper Building at 47-16 Austell Place in Long Island City. While IAC’s HQ is at 555 West 18th St in Chelsea, the company will use the LIC space for filming its video streaming service, the Daily Burn. Cushman & Wakefield’s Ethan Silverstein and Corey Horowitz and JRT Realty Group's Greg Smith, Lauren Calandriello, Kristen Morgan and Ellen Israel repped Vanbarton Group, while JLL's Steven Rotter and Justin Haber repped IAC. Vanbarton Group acquired the Zipper Building for $7.7M in February 2015, and then renovated the property for an additional $7M.
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Law firm Dentons has re-signed for its four-floor, 210k SF HQ at 1221 Avenue of the Americas, where it has been since 1992 and will remain until 2025. Rockefeller Group head of leasing Edward Guiltinan repped the landlord in-house along with Cushman & Wakefield's John Cefaly, while CBRE's Lewis Miller, Andrew Sussman, Stuart Eisenkraft and Brendan Herlihy repped Dentons with Kevin Groarke in-house.
Financial securities firm ICAP signed a 15-year, 82k SF lease for the 12th and 14th floors of the Durst Organization's 1.8M SF tower at 4 Times Square, with the option to expand by another 41k SF. ICAP was repped by JLL's Scott Panzer and Shannon Rzeznikiewicz, and is the first major tenant to occupy Condé Nast's space since the publishing giant's move to 1 World Trade Center last year. The Durst Organization was repped in-house by Tom Bow, Rocco Romeo, Lucas Durst and Tanya Grimaldo.
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DeSimone Consulting Engineers signed a 25k SF lease for the 25th floor of Union Investments’ 1.1M SF office tower at 140 Broadway in Lower Manhattan. The engineering firm will be relocating its NYC HQ from a 15k SF office at 18 West 18th St and was repped by Signature Partners’ Andrew Weiss and Robert Frost and Cushman & Wakefield's Robert Constable, Louis D’Avanzo and Edward Mombello. It's not clear who repped Union Investments.
TOP SALES
Extell Development sold 134 West 58th St in Manhattan to Stanley Wasserman’s SW Management for $61.5M. Gary Barnett's (pictured) firm was planning a 41-unit, 18-story residential building at the site, which an affiliate bought for $39M in 2008, but it became the most recent of several projects Extell has pulled the plug on, including a Midtown parking garage at 10 West 48th St and a 135k buildable SF site at 30-32 East 29th St.
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Howard Sorkin’s Sierra Assets sold 160 East 56th St to Noorollah Asherian and Kami Rehanian as part of a 1031 tax exchange for $44M. Sierra has owned a stake in the 12-story, 64k SF office building since 1976, buying out its partners for $18.7M this April. All of the building's 42 units have been leased.
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Boulevard Management Group sold 107-02 Queens Blvd in Queens to an entity known as De Boulevard LLC for $21.1M.
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Strategic Development and Construction Group sold a trio of mixed-use buildings at 539 Lenox Ave and 100-102 West 138th St to Harlem-based landlord ADJ Properties for $15.5M. Totaling 55 rent-stabilized apartments and eight retail spaces over 60k SF, the properties were bought in 1992 by Strategic, which then spent $3.2M converting them into their current forms.
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Jinny St. Goar sold the six-story, 14k SF office building at 34 East 29th to Gary Barnett's Extell Development for $15.5M. Extell would later sell the air rights of the building, alongside a six-story office building at 30-32 East 29th St, for $74M.
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Garden Management sold 946 Bushwick Ave in Brooklyn to GRJ for $14.6M. The 48k SF, six-floor building has 53 rentals.
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Nursing home operator Cassena Care bought the eight-story, 88k SF, 240-bed Terrace Healthcare Center at 2678 Kingsbridge Terrace in the Bronx for $12.4M. Cassena, which operates eight nursing homes across NYC, bought the former DeWitt Rehabilitation and Nursing Center on the Upper East Side for $106M in 2015.
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The Orbach Group sold 326 West 49th St to Black Spruce Management for $9.5M.
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The Community Homes Housing Development Fund sold 132-30 Sanford Ave to an entity known as 132-30 Sanford LLC for $9.4M.
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An entity known as Jackson 11-Lee sold 37-11 74th St to Tae Koo Sim for $9.1M.
Sales data provided courtesy of Reonomy.
TOP FINANCING DEALS
Extell Development closed on a $220M loan from Deutsche Bank for Extell's One57 (pictured) at 157 West 57th St in Manhattan.
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UBS closed on a $105M loan to K&R Realty Management for 132 West 27th St in Chelsea. In 2014, on-site renderings revealed the site would be the location of a 125k SF, 313-room Peter Poon-designed hotel that will be 21 stories and 213 feet tall.
Germany-based Aareal Bank AG has closed on a $97M loan to SL Green Realty for 650 5th Ave (pictured) by Rockefeller Center.
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The Moinian Group closed on a $65.5M loan to an entity known as 34-10 Development LLC for 436 10th Ave in Manhattan.
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Jefferies Loancore closed on a 10-year, $60M loan to Kenneth Aschendorf and Berndt Perl’s APF Properties for the refinancing of 286 Madison Ave in Midtown. APF purchased the 23-story, 131k SF tower from SL Green in 2006 for $44M, receiving a $32.7M acquisition loan from Deutsche Bank at the time of the sale. The firm has also recently completed renovations to the lobby, elevators, hallways and windows.
BankUnited closed on a $48.4M loan to Black Spruce Management for 322 West 49th St in Manhattan.
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The Feil Organization closed on a $46M loan to Whitestar Advisors for 13 Laight St, otherwise known as the Tribeca Film Festival Building, in Manhattan. The 115k SF, six-story property was purchased this month for $90M by the Vanburton Group, which intends to redevelop the iconic building into a mixed-use office, retail and lifestyle facility.
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Madison Realty Capital closed on a $45M loan to the Chen Foundation, a landlord affiliated with the T.F. Chen Cultural Center, a nonprofit that promotes arts education, for 335 West 35th St in Manhattan.
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New York Community Bank closed on a $40M loan to Abro Management for 211 West 106th St in Manhattan.
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Blackstone closed on a $36.6M loan to The Kushner Cos for 25 Columbia Heights in Brooklyn, otherwise known as the Jehovah's Witnesses' Watchtower building (pictured). Kushner partnered with the CIM Group and LIVWRK to acquire the 733k SF tower for $340M earlier this month.
Financing data provided courtesy of Reonomy.
